Crude Oil Futures Rise on Strong Spot Demand - PTI
Crude oil futures prices in India surged on Friday, driven by increased spot demand and bullish market sentiment. Global oil benchmarks also saw gains.
New Delhi, Aug 16 (PTI) Crude oil prices on Friday increased Rs 63 to Rs 6,550 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for August delivery traded higher Rs 63 or 0.97 per cent at Rs 6,550 per barrel in 5,933 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil was up by 0.49 per cent to USD 77.78 per barrel, and Brent crude traded 0.33 per cent higher at USD 80.77 per barrel in New York.
On the Multi Commodity Exchange, crude oil for August delivery traded higher Rs 63 or 0.97 per cent at Rs 6,550 per barrel in 5,933 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil was up by 0.49 per cent to USD 77.78 per barrel, and Brent crude traded 0.33 per cent higher at USD 80.77 per barrel in New York.
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